Interest rates on hold as RBA eyes 'soft landing'

Governor Philip Lowe, who is due to exit his role at the RBA in September, said the bank was aware of the "painful squeeze" interest rates were placing on some households."Many households are experiencing a painful squeeze on their finances, while some are benefiting from rising housing prices, substantial savings buffers and higher interest income," he said.

"Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon the data and the evolving assessment of risks," he said. "This is a welcome reprieve for Australians already doing it tough enough. Australians are still under the pump, even as inflation moderates and even after this decision today," he said.Anneke Thompson, chief economist at CreditorWatch, said surprising data over the past 30 days prompted the RBA to hold its hand on moving the nation's cash rate target.

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